14 December 2011

Oops is now an investor term

Rico says that, even after making a million or so on the deal, poor Ron Wayne is doubtless still kicking himself:
Apple's founding documents were sold at ten times their estimated amount at a Sotheby's auction, for $1.59 million. The arrangement establishing the corporation, along with paperwork removing one of the three earliest founders, were snapped up by Eduardo Cisneros, CEO of Cisneros Corporation.
"The founding pact of Apple Corporation is the first chapter in the story of one of America's most superior companies," said Richard Austin, head of the books unit at Sotheby's New York. "Collectors recognized the worth of these pact, sending the price to $1.59 million, many multiples of the $100,000 to $150,000 estimate."
The Apple partnership pact was signed by Steve Jobs, Steve Wozniak, and Ron Wayne on 1 April 1976. It gave the two Steves each 45 percent, and awarded Wayne ten percent. Barely ten days later, Wayne filed a declaration of withdrawal from the proprietorship; he also signed an enhancement to the agreement in which the Steves agreed to compensate him $800 "in kind-heartedness of the relinquishment of Wayne's ownership". He later got an additional $1,500 when Apple got some funding. His ten percent would, today, be worth roughly two billion dollars.
These documents, along with the founding covenant, stayed with Wayne until he sold them to a collector in 1994.

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